The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Armstrong Flooring, Inc., Inv...
January 09 2020 - 11:30AM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of persons and entities that
purchased or otherwise acquired Armstrong Flooring, Inc.,
(“Armstrong” or the “Company”) (NYSE: AFI) securities between
March 6, 2018 and November 4, 2019, inclusive (the “Class
Period”). Sealed Air investors have until January 14, 2020
to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to
participate.
On May 3, 2019, Armstrong Flooring’s Chief Executive Officer
abruptly resigned.
On this news, the Company’s stock price fell $1.75, nearly 12%,
to close at $13.14 per share on May 3, 2019, thereby injuring
investors.
Then, on November 5, 2019, before the market opened, Armstrong
Flooring reported $165.6 million net sales for third quarter 2019,
a nearly 21% decline year-over-year, and a net loss of $31.4
million. The Company also cut its full year 2019 guidance for
adjusted EBITDA to a range of $20 million to $25 million, from
prior guidance range of $46 million to $54 million, citing “larger
distributor movements on inventory” than anticipated.
On this news, the Company’s stock price fell $2.90 per share, or
nearly 44%, to close at $3.70 per share on November 5, 2019,
thereby injuring investors further.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Armstrong securities during the Class Period,
you may move the Court no later than January 14, 2020 to ask
the Court to appoint you as lead plaintiff. To be a member of the
Class you need not take any action at this time; you may retain
counsel of your choice or take no action and remain an absent
member of the Class. If you purchased Armstrong securities, have
information or would like to learn more about these claims, or have
any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Frank R.
Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the
Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007,
by email to info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200109005281/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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